(Answered) A storage tank acquired at the beginning of the fiscal year

Accounting

A storage tank acquired at the beginning of the fiscal year at a cost of $240,000 has an estimated residual value of $30,000 and an estimated useful life of 25 years.

a. Determine the amount of annual depreciation by the straight-line method.

b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method.

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